FinCEN, data security orgs warn against new coronavirus-related scams
As the spread of the novel coronavirus – also known as COVID-19 – continues, consumers and financial institutions are set to face new attempts by hackers and bad actors to steal information, especially as consumers increase their usage of digital payments. CNBC has reported that the use of digital payments is expected to rise during the pandemic due to the growing perception that handling cash could speed up the spread of the virus.
Earlier this week, the Financial Crimes Enforcement Network (FinCEN) encouraged financial institutions to communicate concerns related to the coronavirus pandemic and remain alert to any illicit financial activity "similar to those that occur in the wake of natural disasters."
In the alert, FinCEN outlined emerging trends in illicit behavior connecting to coronavirus:
- Imposter Scams – Bad actors attempting to solicit donations, steal personal information, or distribute malware by impersonating government agencies, internal organizations, or healthcare organizations.
- Investment Scams – FinCEN notes that the U.S Securities and Exchange Commission has urged investors to be wary of promotions that falsely claim the products or services of publicly traded companies can prevent, detect, or cure coronavirus.
- Product Scams – FinCEN highlights public statements and warning letters from the FTC and U.S. Food and Drug Administration to companies "selling unapproved or misbranded products that make false health claims pertaining to COVID-19."
- Insider Trading – FinCEN has also received reports regarding suspected insider trading in relation to COVID-19.
FinCEN also encouraged financial institutions to read its "2017 Advisory to Financial Institutions Regarding Disaster-Related Fraud" and review information from other regulators.
Additionally, an article from the research team at ESET echoes FinCEN's claims and outlines similar coronavirus-related scams, including malicious news, charitable exploitation, and unsolicited emails containing advertisements for products to protect against the virus.
ESET urges targets to remain vigilant and avoid clicking on any links or downloading attachments received in unsolicited emails or text messages. The NCUA has recently issued an update on its efforts to assist credit unions throughout the coronavirus pandemic, including how credit unions can support members, answering frequently asked questions.
The association will continue to work diligently to equip credit unions with information and resources needed to protect themselves and members against all forms of banking fraud.
Add to Calendar 2021-01-22 14:00:00 2021-01-22 14:00:00 Paycheck Protection Program - What Credit Unions Need to Know About Round 3 This webinar will provide a detailed overview of all of the changes to the Paycheck Protection Program (PPP) as a result of the Economic Aid Act and the two new interim final rules issued by the Small Business Administration (SBA) on January 6, 2020. We will discuss key issues to consider when originating first time and second draw PPP loans, as well as the corresponding lender obligations. There will also be a discussion on how to handle requests to increase existing PPP loans as a result in changes to the rules and how to properly document loan increases. Finally, there will be a brief Q&A session at the end so that you can pose your most pressing questions. Key Takeaways Review changes to the PPP rules Discuss Second Draw PPP Loans Understand PPP Loan Increases Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until January 22, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Compliance Officers (NCCOs) Presidents and Chief Executive Officers Chief Lending Officers Chief Financial Officers Lending and finance staff Risk titles Compliance and risk staff Education Credits NCRMs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Review changes to the PPP rules. Discuss Second Draw PPP Loans. Understand PPP Loan Increases. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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